Financials trade well on low volumes

Dublin reportThe Iseq index of Irish shares climbed 1 per cent yesterday, as the financial stocks enjoyed good fortunes.

Volumes were relatively low across the board, which dealers attributed to US finance houses taking an extended Fourth of July break from business.

Bank of Ireland had the best day of the banks, climbing 1.8 per cent to €15.26, up 27 cents. But there was also good news for AIB, which added 29 cents to close at €20.30, up 1.4 per cent.

Anglo Irish Bank also managed to put on more than 1 per cent yesterday, closing up 16 cents at €14.99, as it told analysts in a conference call that it no concerns about asset quality.

With reports of weakening load factors across Europe, the airline sector did not have such a good time of it. With its competitor EasyJet also suffering, Ryanair fell almost 1 per cent, finishing down 5 cents at €5.21.

Dealers pointed out that it had had a good run this week compared to other airlines, however. Aer Lingus did all right, closing up 2 cents at €2.57.

The IEX-listed recruitment firm CPL Resources and Newcourt, which has an interest in recruitment through Sigmar, both benefited from positive news in their sector, as recruitment consultancy Michael Page reported record profits.

Building materials group CRH rose more than 1 per cent to €37.74, up 39 cents, while Kingspan was up 15 cents at €20.45 thanks to a strong trading update from fellow insulation company SIG. There was some interest in Smurfit Kappa, which saw its share price rise 30 cent to €18.93 as the price of corrugated packaging increased.

There was some activity in McInerney, which jumped 8.53 per cent to €2.29, while Glanbia had a healthy day, rising 3.63 per cent to an even €4.